Finance Minister Koo Yun-cheol speaks during a meeting in Seoul on Friday. (Ministry of Finance and Economy) South Korea will offer a debt relief program for small business owners hit by the COVID-19 pandemic to help improve their financial health, the finance ministry said Friday, amid concerns that they could face heavier debt-servicing burdens following recent rate hikes.Finance Minister Koo Yun-cheol announced the measures during a meeting with relevant ministers, after the Bank of Korea raised its benchmark rate by 0.25 percentage point for the second consecutive meeting the previous day to curb mounting inflationary pressures."Recently, the key rate has been raised twice, and market interest rates are also rising," Koo said. "Through debt restructuring and rehabilitation proceedings, we will aim to help individuals and small business owners quickly get back on their feet.""We aim to proactively restructure debt to ease the burden on those who received financial support during the COVID-19 pandemic and offer them step-by-step assistance to restore their financial capabilities," Koo added.The finance ministry said a total of 358.7 trillion won ($259.6 billion) in loans was extended to individual business owners during the 2020-2023 pandemic period, of which 154.7 trillion won, or 43.1 percent, remains outstanding.Of the outstanding loans, 6.3 trillion won, or 4.1 percent, has been delinquent for three months or longer.The finance ministry will release detailed measures after consultations with relevant organizations, Koo added.Koo also said during the meeting that the government plans to announce measures to support people's livelihoods next week ahead of the Chuseok holiday in September, including discount programs for agricultural products. (Yonhap)